Owlwood Estate in Holmby Hills is Pocket Listed for $150 Million

We have talked earlier about the most expensive Manhattan property and we now have news about the most expensive estate in Holmby Hills, California. This in not one of those foreclosed homes and the real estate industry in the region and their experts are all excited about the officially unconfirmed news that the Owlwood Estate in Holmby Hills is on the market for an asking price of $150 million. The estate is not listed on the MLS. However, if industry experts are to be believed then this is the most-expensive residential home for sale in the city. The Agency of Beverly Hills is reportedly handling the sale but not many details are available about the property.

The Guerilla Marketing Tactics is Known as Pocket Listing

In case of one of a kind trophy homes a guerilla marketing tactics is used, in industry terms it is called a pocket listing. It could be the case that the seller is just testing the waters and would like to know how much the market can bear. Initially the sellers are in no mood to negotiate the price down. It could also be possible that the marketing campaign is in the process of being formulated and the word has leaked out prematurely in the industry. It is entirely possible that new photographs of the property are being taken and high end potential buyers are being contacted privately.

The Home was Originally Built in 1936

It is a very high value property and if no buyers are found through private channels then it could be listed in the MLS. It would then be announced officially that the property is for sale and it will attract renewed media attention. It is an old estate that has the main house built in Tuscan style. It was designed by architect Robert D. Farquhar and built in 1936. It is a 12,201 square foot main house and its details are available from its earlier listings. It is an eight bedroom house with ten bathrooms. The house also has a pool, pool house and tennis court.

Owlwood Estate in Holmby Hills Commissioned by Florence Quinn

Florence Quinn, the former wife of department store mogul Arthur Letts Sr. who is also credited as the visionary behind the creation of Holmby Hills had originally commissioned the home. The estate has changed hands many times since then. Producer Joe Schenck, actor Tony Curtis and the singing-songwriting duo Sonny and Cher have also owned the estate at different times. It is a one of a kind estate with two adjacent lots and we will have to wait and see how much a buyer is willing to pay for it as there is no comparable real estate sale example in the area.

Owlwood Estate in Holmby Hills is One of a Kind Property

In fact that is one of the reasons why even the experts in the industry are not willing to stick their neck out with their estimates. Josh Flagg who works as an agent for Rodeo Realty believes that the expression ‘they don’t build ’em like they used to’ truly applies to this property and in the absence of any comparable example it is very difficult to make educated and informed estimates. The nearest comparable property is Candy Spelling’s manor which was also listed for $150 million but finally sold to Petra Ecclestone of F1 for $85 million.